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October 17, 2022 – Further to a bidding procedures order [Docket No. 122], the Debtor notified the Court that, absent any further qualified bids beyond that of stalking horse bidder VMware, Inc.* (the “Stalking Horse Bidder,” also the Debtor’s DIP Lender, $14.5mn cash and credit bid), an auction of the Debtors' assets scheduled for October 19th…

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October 17, 2022 – The Court hearing the Sungard AS New Holdings cases issued an order confirming the Plan element of the Debtors’ Second Amended Combined Plan and Disclosure Statement [Docket No. 763, with a revised Second Amended Combined Plan and Disclosure Statement (the “Combined Document”) and a related redline showing changes from the version…

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October 17, 2022 – Further to an August 11th bidding procedures order [Docket No. 246] and an October 14th sale hearing (continued from October 11th), the Court hearing the Fairport Baptist Homes cases issued an order approving the sale of substantially all the Debtors’ assets to 4646 Nine Mile Point Road LLC (the "Purchaser," $14.3mn…

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October 14, 2022 – The Court hearing the Stored Solar Enterprises, Series LLC case issued an order authorizing the Debtor to: (i) access $3.35mn in new money, debtor-in-possession (“DIP”) financing from prepetition lender Hartree Partners, LP ("Hartree" or the “DIP Lender,” owed $8.9mn in respect of prepetition debt and also serving as a credit bidding…

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October 14, 2022 – The Court hearing the Lumileds Holding cases confirmed the Debtors’ Second Amended Prepackaged Plan of Reorganization [Docket No. 204]. On August 29, 2022, Lumileds Holding B.V. and nine affiliated debtors (together, “Lumileds” or the “Debtors”) filed for Chapter 11 protection on a “prepackaged” basis noting estimated assets between $50.0mn and $100.0mn;…

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On October 13, 2022 – In advance of their scheduled October 17th Plan confirmation hearing,* the Debtors filed: (i) a Second Amended Combined Plan and Disclosure Statement, (the “Combined Document”) which attaches a redline showing changes from the version filed on September 2, 2022 [Docket No. 734], (ii) a first amended Plan Supplement [Docket No….

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October 14, 2022 – Satisfied with the consent of the U.S. Trustee and additional information filed by the Debtors in respect of the identity of the members of the board of directors of the reorganized company, Judge Lisa G. Beckerman said at a hearing held on Friday that she would issue an order confirming the…

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October 13, 2022 – Creditor Monster Energy Company (“Monster Energy*”) objected to the Debtors’ proposed debtor-in-possession (“DIP”) financing [Docket No. 87] arguing that the "prejudicial extraordinary provisions" of the DIP as proposed "needlessly prejudices the rights and recoveries of unsecured creditors on the first day of the case." * At the end of September, Monster…

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October 13, 2022 – In what the Debtors describe as "a second major breakthrough in these Chapter 11 Cases," the Court hearing the MatlinPatterson Global Opportunities Partners II cases has issued an order approving a $17.0mn settlement between the Debtors, HJDK Aerospacial SA (“HJDK”) and the Zurich American Insurance Company (“Zurich”) [Docket No.639]. The Settlement…

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October 13, 2022 – The Court hearing the Lumileds Holding B.V. cases issued an order authorizing the Debtors to: (i) access the $100.0mn balance of a $275.0mn new money, debtor-in-possession (“DIP”) financing being provided by certain of their prepetition lenders (ie, the “Ad Hoc Term Loan Lender Group” which holds 67% of the outstanding obligations…